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HomeMy WebLinkAboutResolution - 5524 - Supplemental Grant Agreement - MLEDC - Economic Development Services - 06_26_1997Resolutigp No.5524 Item #6 June 26, 1997 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to execute for and on behalf of the City of Lubbock a Supplemental Grant Agreement, attached herewith, by and between the City of Lubbock and Market Lubbock Economic Development Corporation for economic development services, and any associated documents, which Agreement shall be spread upon the minutes of the Council and as spread upon the minutes of this Council shall constitute and be a part of this Resolution as if fully copied herein in detail. Passed by the City Council this 26th day of June X,MAYOR 1997. WINDY SI ATTEST: Kay i Darnell, City Secretary APPROVED AS TO CONT NT: Debra B. Forte', First Assistant City Manager APPROVED AS TO FORM: D»nald G. Vandiver, City Attorney DGV1ccdocsla-mrk1bk.res June 2, 1997 Resolution No. 5524 Item #6 June 26, 1997 THE STATE OF TEXAS § COUNTY OF LUBBOCK § SUPPLEMENTAL GRANT AGREEMENT WHEREAS, the City of Lubbock, Texas, a Texas home rule municipal corporation hereinafter called "City," and Market Lubbock Economic Development Corporation, a Texas non-profit corporation hereinafter called "MLI," have heretofore on January 19, 1996, entered into a Grant Management Agreement for economic development purposes pursuant to Section 380.002 of the Local Government Code of Texas; and WHEREAS, said Grant Management Agreement provides at Section 2.03(a) that the City may from time to time make separate grants of funds for specific projects to MLI; and WHEREAS, the City of Lubbock desires to make such a grant to MLI for economic development purposes and MLI desires to receive such a grant; NOW THEREFORE: The parties hereto agree as follows: WITNESSETH: The purpose of this Agreement is to provide an economic development incentive to foster elimination of unemployment and underemployment and to stimulate business and commercial activity within Lubbock. DUTIES OF RECIPIENT (1) MLI agrees to market and advertise Lubbock and provide assistance to the Image Texas Campaign through the use of funds totaling $250,000 in "startup" funding to be paid immediately upon execution of this Agreement and $250,000 annually for five (5) years to be paid quarterly after execution of this Agreement, subject to annual consideration and appropriations of said funds by the City Council. The Image Texas Campaign will promote economic development for the City of Lubbock and the surrounding area by bringing convention and tourism dollars to the region as well as bringing local, state, and national exposure for business opportunities. (a) Incentive: This Agreement is made as an incentive for MLI to market and advertise Lubbock and provide such assistance to the Image Texas Campaign. (b) Economic Development: This Agreement is made as a part of the economic development program of the City for the public purpose of elimination of unemployment or underemployment within the City, the stimulation of agricultural innovation, the fostering of the growth of enterprises based upon agriculture, the expansion of transportation or commerce, and to stimulate business and commercial activity in the city of Lubbock and the surrounding area as provided by law. (c) Advertising Reserve: In the event MLI shall fail to use the cash allowance provided to applicant to market and advertise Lubbock within twelve (12) months after the execution of this Agreement, MLI shall place such funds into an advertising reserve account until such time as such funds shall be used in accordance with this Agreement or any extensions thereof. DUTIES OF THE CITY (1) The City hereby agrees to provide supplemental grant funding as stated in this Agreement for MLI to assist in market and advertise and to promote local economic development and to stimulate business and commercial activity in the municipality as provided by the Grant Management Agreement between the City and MITI. The supplemental grant funding provided by this Agreement shall be subject to the same financial reporting requirements as are provided in Section 2.05 of the Grant Management Agreement between the parties and the City shall be given authorization in a reasonable and timely manner to audit MLI records to ascertain that the funds have been expended according to this Agreement. (2) Notwithstanding any other provision in this Agreement, the total incentives to be paid to MLI by City under this Agreement is limited to not more than $1,500,000, and subject to annual consideration and appropriations of said funds by the City Council. TERM The term of this Agreement shall be for five (5) years from an effective date of July 1, 1997. Quarterly payments shall commence with the first payment being made on July 1, 1997, and the last payment being made on April 1, 2002, subject to annual consideration and appropriations of said funds by the City Council. FULL AGREEMENT This agreement contains the entire understanding and agreement reached by the parties and supersedes all other written or oral exchanges, agreements, arrangements, or negotiations between them or their legal representatives, and may not be altered, amended i or modified, except by writing properly executed documents by the party- to be charged thereby. SUCCESSORS AND ASSIGNS All covenants and agreements herein shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. I tot 1110—WMV L1) 7\,[e-M The parties agree to cooperate fully and use their best efforts to carry out the full purpose and intent of this Agreement. Each party agrees to take such future actions and execute such additional documents as may be required or appropriate to give full force and effect to this Agreement. FORCE MAJEURE If any default or performance of any other covenant or term of this Agreement is delayed by reason of war, civil commotion, act of God, governmental restrictions, regulations, or interference, fire or other casualty, or any other circumstances beyond a signatory party's control, then the duty to do or perform the term or covenant, regardless of whether the circumstances is similar to those enumerated or not, is excused during the delay period. CAPTIONS The captions, headings, and arrangements used in this Agreement are for convenience only and do not in any way affect, limit, amplify or modify the terms and provisions hereof. nu lla"2MKIII)ali 97�1114 0, This Agreement may be simultaneously executed in a number of identical counterparts, each of which for all purposes shall be deemed an original. This Agreement may also be executed separately by all or any of the parties, and all such agreements shall collectively be deemed as an original executed agreement of all of the parties. SIGNED AND EXECUTED on this the 9th day of July , 1997. CITY OF LUBBOCK: A Municipal Corporation i ATTEST: Lk NKaa Darnell, City Secretary APPROVED AS TO CONTENT: MARKET LUBBOCK, INC.: A Non -Profs Corporation GARY LAWRENCE, PRESIDENT ATTEST: ke, -`� Ja lderson, Vice President Amk&let I Debra B. Forte', First Assistant City Manager APPROVED AS TO FORM: ald G. andiver, First Assistant City Attorn y da/97con/mli.doc June 30, 1997 4